1. Profarma’s Gross Revenue reached R$ 764.3 million in the 2Q09 and the Net Income
increased 66.2% reaching R$ 17.9 million.
Rio de Janeiro, August, 03, 2009 – Profarma Distribuidora de Produtos Farmacêuticos S.A. (“Profarma” or
“Company”) (Bovespa: PFRM3), one of the main distributors of the pharmaceutical industry in the country,
discloses the result of the second quarter 2009 (2Q09). Profarma’s financial statements are prepared in
accordance with the Brazilian Corporate Legislation, and in Real (R$), containing all the adjustments already
regulated by CVM as well as the technical pronouncements of the Accounting Committee – CPC, aiming to
adequate the company’s result with law n°11.638/07. The financial and operational information below, are
presented on consolidated bases in accordance with the accounting practices adopted in Brazil. The result
comparisons refer to the second quarter 2008 (2Q08) and the first quarter 2009 (1Q09).
Profarma’s non-financial information has not been revised by the external auditors.
TELECONFERENCE HIGHLIGHTS FOR THE PERIOD
Portuguese
th
Tuesday, August, 4 , 2009. Net Income increased 66.2% in relation to the
10:00 a.m. (Brazil) 2Q08, reaching R$ 17.9 million, representing a Net
09:00 a.m. (NY) Margin of 2.8%.
Telephone: +55 (11) 2188-0188
Replay: +55 (11) 2188-0188
Code: PROFARMA Growth of 60.0% in Ebitda, reaching R$ 37.8
million, well above the figures for the same period in
English 2008, with an Ebitda Margin of 5.8%.
th
Tuesday, August, 4 , 2009
12:00 p.m. (Brazil)
11:00 a.m. (NY)
Telephone: +1 (973) 935-8893 A reduction of the Cash Cycle of the company
Code: 20269008 in 9.2 days, reaching 58.7 days, the lowest level
Replay: +1 (706) 645-9291 since the year 2006. This drop represented a
Code: 20269008 Working Capital reduction of R$ 63.1 million.
For the fourth consecutive quarter the
generation of operating Cash Flow has been positive
CONTACTS reaching R$ 26.3 million, accumulating in 2009 a
resource generation of R$ 62.9 million or 5.2% of
Max Fischer the Net Operating Revenue.
CFO & IRO
Beatriz Diez
IR Coordinator Reduction of the Net Debt / Ebitda ratio of the
company in 25.0% for the second quarter in a row,
Telephone: +55 (21) 4009-0276 reaching 1.2x, leaving a position of 1.6x in the 1Q09.
Fax: +55 (21) 2491-3906
E-mail: ri@profarma.com.br
Profarma disclosed to the market on May,22,
2009, a New Repurchase Program of its Shares
stipulating the maximum number of 1,570,000
shares to be acquired.

2. Disclosure of Results of the Second Quarter, 2009
SUMMARY
Management Comments 03
Financial Highlights 04
Economic-Financial Performance
Gross Revenue 05
Gross Profit and Revenues from Services to Suppliers 06
Operating Expenses 06
Net Financial Expenses 07
Net Income 07
Ebitda 08
Indebtedness 09
Cash Flow 09
Operating Performance
Service Level 11
Logistics – Errors per Million (E.P.M.) 11
Logistics – Productivity 11
Sales per square meter of warehouse and Average sales per DC 12
Sales Through Electronic Orders 12
Capex 12
Capital Markets
Share Performance 13
Relationship with Independent Auditor 14
Next Events 15
Attachment I – Statement of Income 16
Attachment II – Balance Sheet 17
Attachment III – Cash Flow 18
Attachment IV – Law nº. 11.638/07 and MP nº. 449/08: Understanding the impact on Profarma 19
About the Company: Profarma Distribuidora de Produtos Farmacêuticos S.A. has been active for 48 years in distributing
pharmaceutical, personal care and cosmetic products in the most populous Brazilian states. With 12 distribution centers,
being one of them exclusively for the hospital and vaccine segment, Profarma commercializes approximately 18.0 million units
per month and serves 30,870 sales outlets, thus consolidating its position as one of the industry leaders in Brazil. Covering a
geographic area that represents 91.0% of the consumer market for pharmaceutical products in Brazil, Profarma boasts a
specialized and committed team that constantly strives to become the biggest and most profitable wholesale distributor of
pharmaceutical products in the nation by means of consistent and sustainable results, keeping operating costs down,
strengthening its competitive advantages and maximizing value for our stockholders.

3. MANAGEMENT COMMENTS
In the second quarter of 2009, the slowdown and the instability of the economy due to the world crisis which
initiated by the end of the 3Q08, could still be seen, showing signs of rhythm reduction in some countries, such
as Brazil and China.
Aligned to the strategy traced and initiated in 2008, the company showed in this quarter expressive results
regarding the search for the optimization of its financial resources.
In this quarter, Profarma’s net income reached R$ 17.9 million, a result 66.2% above the one reached during
the same period of the previous year when we reached R$ 10.8 million.
The net margin of the company reached 2.8% in this quarter, having become the best mark reached by the
company in similar quarters since 2006.
The same way, our ebitda margin reached 5.8% in this quarter, 56.8% above the Ebitda margin which was
released during the same period of the previous year, reaching R$ 37.8 million. It’s important to state that
when comparing with all the same quarters (2Q06, 2Q07, 2Q08), since 2006 our best Ebitda margin had been
of 4.0% in the 2Q06, even with a price increase similar to the one in 2009, in that time 5.5%.
Reassuring and reinforcing Profarma’s objective of strengthening its financial solidity in this crisis scenario, the
company generated for the fourth quarter in a row, a positive operating cash flow of R$ 26.3 million,
accumulating in the first semester a cash generation of R$ 62.9 million. This result was directly related to the
Company’s cash cycle reduction in this quarter of around 9 days, reaching its lowest level since December
2006. This way and for the second quarter in a row, the Company reduced its net debt / ebitda ratio in 25.0%,
reaching 1.2x when it was of 1.6x in the 1Q09 and 1.9x in the 4Q08.
Considering the macroeconomic scenario still unstable, our gross operating revenue in this 2Q09 increased
15.5% in relation to the previous quarter and 3.1% in relation to the 2Q08, reaching R$ 764.3 million.
In this quarter, the positive results of the actions that started in 2008 were consolidated, and they were very
important to face the most critical periods of the crisis and therefore, strengthen even more the Company´s
position in the distribution sector.
It’s important to highlight that in this quarter, Profarma’s shares went up 121.5% accumulating throughout the
year 94.3%, a performance above Ibovespa’s valorization which was of 37.1% during the same period. Even
taking into consideration this evolution, the actual value of its shares is still below its book value which was of
R$ 13.88 on June, 30, 2009.

4. FINANCIAL HIGHLIGHTS
(R$ Millions) 2Q09 2Q08 % Variation 1Q09 % Variation
Financial Data
Gross Revenues 764.3 741.2 3.1% 661.8 15.5%
Branded 514.0 518.7 -0.9% 453.9 13.2%
Generic 41.2 42.4 -2.8% 29.5 39.6%
OTC 153.3 131.4 16.7% 129.3 18.5%
Health and beauty Products 27.0 29.2 -7.5% 23.2 16.4%
Hospitals and Vaccines 28.9 19.5 47.9% 25.8 11.8%
Net Revenues 646.5 642.8 0.6% 563.0 14.8%
Gross Profit 82.9 62.9 31.8% 57.8 43.4%
% Net Revenues 12.8% 9.8% 3.0 p.p 10.3% 2.5 p.p
Operating Expenses -49.6 -40.4 22.8% -42.2 17.6%
SGA Expenses -49.9 -51.1 -2.3% -45.9 8.7%
% Net Revenues -7.7% -8.0% 0.3 p.p -8.2% 0.5 p.p
Depreciation and Amortization -1.4 -1.1 24.7% -1.3 3.9%
% Net Revenues -0.2% -0.2% 0.0 p.p -0.2% 0.0 p.p
Rev. Services for Suppliers 3.7 10.5 -64.7% 5.3 -30.2%
% Net Revenues 0.6% 1.6% -1.0 p.p 0.9% -0.3 p.p
Other Oper. Rev. -2.0 1.3 - -0.3 762.4%
% Net Revenues -0.3% 0.2% -0.5 p.p 0.0% -0.3 p.p
1
Ebit 36.4 22.5 61.7% 15.8 130.3%
Ebit Margin (% Net Revenues) 5.6% 3.5% 2.1 p.p 2.8% 2.8 p.p
Ebitda 2 37.8 23.6 60.0% 17.1 120.7%
Ebitda Margin (% Net Revenues) 5.8% 3.7% 2.1 p.p 3.0% 2.8 p.p
Net Income 17.9 10.8 66.2% 6.7 166.0%
Net Margin (% Net Revenues) 2.8% 1.7% 1.1 p.p 1.2% 1.6 p.p
1 Ebit comprised of Ebitda minus depreciation.
2 Ebitda - Net income (loss) plus income tax and social contribution, net financial results, net non-operating results, other net operating revenues
(expenses) non-recurring, depreciation, amortization.

5. ECONOMIC-FINANCIAL PERFORMANCE
Gross Revenue
In the 2Q09, Profarma’s gross revenue reached R$ 764.3 million, an increment of 3.1% in relation to the same
period of the previous year, and 15.5% in relation to the 1Q09. It is also important to state that the growth was
homogeneous all over the country for the fact that it was mainly due to Profarma’s focus given to independent
customers in the beginning of the 4Q08.
In the analysis by geographical region, the best performance was the southeast with a 8.2% growth in
comparison with the same period of the previous year.
In the analysis by category, the highlight in the 2Q09 was the hospital & vaccine segment, with a 47.9%
growth in relation to the same period of the previous year. It is important to highlight the generic category
performance, which showed an increase of 39.6% in relation to the previous quarter, a performance above the
18.0% growth of the generic national market during the same period.
Gross Revenues Evolution
(R$ Million)
764.3
741.2
661.8
2Q08 1Q09 2Q09
Gross Revenues Breakdown
(R$ Million) 2Q09 2Q08 Chg. % 1Q09 Chg. %
Branded 514.0 518.7 -0.9% 453.9 13.2%
Generics 41.2 42.4 -2.8% 29.5 39.6%
OTC 153.3 131.4 16.7% 129.3 18.5%
Health and Beauty 27.0 29.2 -7.5% 23.2 16.4%
Hospitals + Vaccines 28.9 19.5 47.9% 25.8 11.8%
Total 764.3 741.2 3.1% 661.8 15.5%

6. Gross Profit and Revenues from Services to Suppliers
In the 2Q09, the consolidated gross profit reached R$ 82.9 million, which represented a gross margin of
12.8%, 3.0 percentage points above the gross margin in the 2Q08, when we reached a gross profit of R$ 62.9
million and 2.5 percentage points above the gross margin achieved in the previous quarter.
For a better understanding of the effective gross margin behavior it is important to add to the gross profit the
revenues from services to suppliers, due to the relevance of this service modality in the sales mix of the
company.
In the 2Q09, the revenues from services to suppliers reduced 1.1 percentage point when comparing to the
same period of the previous year and 0.4 percentage point in relation to the previous quarter, mainly due to
the increase of the share of this revenues reimbursed through additional commercial discounts.
This way, by adding to the gross profit the revenues from services to suppliers, the gross margin of the 2Q09
reached 13.4%, 2.0 percentage points bigger when compared to the gross margin of the 2Q08 and 2.2
percentage points with relation to the gross margin verified in the 1Q09. The increase of the gross margin
seen in the 2Q09 in relation to the previous quarter, was mainly due to the price increase impact which
occurred on March, 31, 2009 estimated in 2.0 percentage points or R$ 12.9 million and also due to the
continuity of a more conservative competitive scenario in the market.
Gross Profit and Revenues from Services to Suppliers
(R$ Million and as % Net Revenues)
13.4%
11.4% 11.2%
3.7
10.5
5.3
82.9
62.9 57.8
2Q08 1Q09 2Q09
Gross Profit Revenues from Services to Suppliers Adjusted GP Margin (%)
Operating Expenses
In the 2Q09, the operating expenses, represented by administrative, commercial, and logistic expenses,
(excluding the depreciation, revenues from services to suppliers, and other revenues) reached R$ 49.9 million
or 7.7% of the net revenue, 0.3 percentage point below the same period of the previous year and 0.5
percentage point lower when compared to the previous quarter.
It’s important to state that in this total amount it’s included an INSS additional provision totaling R$ 3.1 million
referred to a law suit regarding the labor accident insurance constitutionality. Such provisions are referred to
the years 1999 and 2000, therefore they aren’t recurring.

7. This way, in the operating expenses analysis, excluding this provision, we would have a real reduction of
around 9.5% in relation to the same period of the previous year, reaching 7.2% of the net operating revenues
or R$ 46.8 million, mainly due to the commercial expenses reduction, 0.7 percentage point or R$ 4.5 million.
This drop was mainly due to the advertisement expenses reduction, regarding prizes conceded to certain
customers who achieved the minimum sales volume which had been agreed before.
In the same way, when we compare the total operating expenses in the 2Q09 with the previous quarter, we
can observe a real drop even bigger of 11.7% or 1.0 percentage point. This drop was mainly due to a
reduction of 0.7 percentage point in the commercial expenses and 0.3 percentage point in the logistic
expenses.
Regarding the commercial expenses reduction, not only the reduction with advertisement expenses of R$ 2.3
million contributed but also the sales growth during the period which was of 15.5% in relation to the previous
quarter.
Regarding the logistic expenses, we can observe a small value increase (R$ 0.6 million) which allied to the
sales growth of 15.5% during the period, represented a scale gain of 0.3 percentage point.
In the analysis of other operating revenues/ (expenses), we can observe in the 2Q09 an expense of R$ 2.0
million in comparison with a revenue of R$ 1.3 million during the same period of the previous year, mainly due
to the reduction of the total grant amount obtained with the industries for the implementation of promotional
campaigns. When comparing with the previous quarter, we had an expense increase of R$ 1.8 million, mainly
due to a bigger concentration of the expenses related to promotional campaigns in this period (R$ 0.6 million).
Net Financial Expenses
The net financial expenses reached R$ 8.5 million in the 2Q09, representing a reduction of R$ 0.2 million in
relation to the same period of the previous year. It is important to state that in the net financial expenses of
this quarter, an additional interest provision of R$ 2.5 million is included, referred to the law suit regarding the
INSS labor accident insurance constitutionality. Such provisions are referred to the years 1999 and 2000,
therefore they aren’t recurring. This way, in the net financial expenses analysis, excluding such provision, we
would have a reduction of R$ 2.7 million, mainly related to a reduction of 30.0% in the Company’s debt level.
In this same basis, when comparing the net financial expenses of this quarter with the 1Q09, we can observe
a reduction of R$ 1.8 million mainly due to the reduction of the net financial adjustments to present value
adjustments (AVP) of R$ 1.6 million referred to law n° 11.638/07.
Net Income
In the 2Q09 the consolidated net profit reached R$ 17.9 million or 2.8% of the net operating revenue,
representing an increment of 66.2% in relation to the same period of the previous year (R$ 10.8 million with
1.7% of net margin) and 167.2% in relation to the previous quarter (R$ 6.7 million, with 1.2% of net margin),
becoming this quarter the best mark reached by the company in similar quarters since 2006.
This result was mainly due to the increase of the Company’s operating margin in the period, reaching 5.2% of
the net operating revenue, representing an increment of 1.7 percentage point in relation to the same period of
the previous year, and 2.4 percentage points in relation to the previous quarter.

8. It is important to state that excluding from this result the non recurring additional provision of INSS as
described previously, the net profit of the Company would achieve R$ 21.6 million, or 3.3% of the net
operating revenue, representing a growth of 100.0% and 222.4% in relation to the 2Q08 and to the 1Q09,
respectively.
Net Income
(R$ Million and as % Net Revenues)
2.8%
1.7%
1.2%
17.9
10.8
6.7
2Q08 1Q09 2Q09
Ebitda
In the 2Q09 the company reached an Ebitda of R$37.8 million, representing an Ebitda margin of 5.8%, being
this the biggest margin achieved by the Company in comparable quarters (2Qs) in the past four years, even
taking into consideration the 2Q06, when the price increase was similar to the 2Q09, but the Ebitda margin
was of 4.0%.
When comparing with the same quarter of the previous year, the increment was of R$ 14.2 million or 2.1
percentage points, mainly due to the Company’s operating margin increase of 1.7 percentage point. This way,
when comparing with the previous quarter we can observe an increase of R$ 20.7 million or 2.8 percentage
points, also related mainly to the operating margin increment of the company in R$ 17.7 million or 2.4
percentage points.
(R$ Million) 2Q09 2Q08 % Variation 1Q09 % Variation
Net Income 17.9 10.8 66.2% 6.7 166.0%
Non Recurring Expenses 3.1 0.0 - 0.2 -
IR / CS 6.9 3.0 128.5% 1.1 529.6%
Financial Expenses 8.5 8.7 -2.6% 7.8 9.0%
Depreciation and Amortization 1.4 1.1 24.7% 1.3 3.9%
Ebitda 37.8 23.6 60.0% 17.1 120.7%
Ebitda Margin 5.8% 3.7% 59.1% 3.0% 92.2%

9. Ebitda e Ebitda Margin
(R$ Million and as % Net Revenues)
5.8%
3.7%
3.0%
37.8
23.6
17.1
2Q08 1Q09 2Q09
Indebtedness
The net debt position in the end of the 2Q09 reached R$ 110.8 million, representing a reduction of R$ 9.9
million in relation to R$ 120.7 million of March, 2009, mainly due to the positive cash flow generated in the
operating activities of R$ 26.3 million which occurred in this period. This way, the net debt / ebitda ratio of the
Company was reduced for the second consecutive quarter, in 25.0% reaching 1.2x at the end of the 2Q09.
It is important to state that during the 2Q09, Profarma paid of R$ 46.4 million of short term loans, which
carried the impact of the high spreads and interest rates throughout the 4Q08. This way, the total of the
Company’s remaining debt, R$ 145.4 million won’t be affected by the high spreads verified as of the 4Q08,
and so returning to the spreads which were negotiated during the extending of Profarma’s debt profile in the
4Q07, around 10% above the CDI.
Cash Flow
(R$ Million) 2Q09 2Q08 % Variation 1Q09 % Variation
Cash Flow Generated / (Used) in Operating Activities 26.3 (24.0) - 36.6 -
Internal Cash Generation 24.8 16.7 48.4% 11.4 117.5%
Operating Assets Variation 1.5 (16.2) - 25.2 -
Trade Accounts Receivable (33.2) (11.6) -187.1% 51.5 -164.4%
Inventories 11.5 (0.3) - 8.3 -
Suppliers 18.4 (4.2) - (25.3) -
Other Items 4.8 (0.1) - (9.4) -
Cash Flow (Used) in Investing Activities (2.7) (3.1) 13.8% (3.3) 20.1%
Cash Flow Generated / (Used) by Financing Activities (61.1) 38.5 - (6.2) -
Net Increase / (Decrease) in Cash (37.4) 11.5 - 27.1 -

10. 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09
Cash Cycle - Days * 49.3 53.4 62.5 69.6 67.8 64.3 68.8 67.2 61.8 65.8 67.9 58.7
Accounts Receivable (1) 45.2 50.0 54.6 53.1 50.9 51.7 50.7 49.2 47.0 45.9 42.4 40.5
Inventories (2) 33.1 44.7 43.4 47.2 41.3 48.6 47.9 45.7 42.5 49.9 54.0 46.5
Accounts Payable (3) 29.0 41.3 35.6 30.7 24.5 36.0 29.8 27.7 27.7 29.9 28.5 28.4
* Average
(1) Average of Gross Revenues in the Quarter
(2) Average of COGS in the Quarter
(3) Average of COGS in the Quarter
Profarma’s cash and cash equivalents in the 2Q09 showed a R$ 37.4 million reduction, mainly due to the R$
61.1 million used in the financing activities, R$ 2.7 million used in the investment activities, compensated by
the cash generation in the operating activities of R$ 26.3 million.
In the 2Q09, the Company reached its lowest cash cycle, 58.7 days, since December 2006. Such expressive
drop of 9.2 days, resulted in a working capital reduction of around R$ 63.1 million. Some factors contributed to
this reduction, such as the drop for the sixth consecutive quarter of the Company’s sales average terms (1.9
days), and also the expressive 7.5 day reduction in our inventory level, reaching 46.5 days at the end of the
2Q09.
The cash flow generated in the operating activities of R$ 26.3 million was mainly due to the internal cash
generation of R$ 24.8 million and the positive variation in the operating assets of R$ 1.5 million.
The internal cash generation in the 2Q09 of R$ 24.8 million was 117.5% bigger in relation to the previous
quarter, mainly due to the increase of the net profit in the period of R$ 11.2 million.
The positive variation of the operating assets of R$ 1.5 million, was mainly due to a net reduction in the
inventories, R$ 11.5 million, an increase in the suppliers’ balance of R$ 18.4 million, and a reduction of the tax
recoverable balance of R$ 5.1 million. Such resources were partially consumed by the increase in the
receivables balance of R$ 33.2 million.
In the 2Q09 the R$ 61.1 million used in the financing activities were mainly due to the net reduction of R$ 46.4
million in the debt position during this period and also due to the resources invested in the shares repurchase
plans of the Company, R$ 10.6 million.
In this second quarter of the year, the R$ 2.7 million used in the investing activities were mainly directed to
machines and equipment, totaling R$ 1.4 million.

11. OPERATING PERFORMANCE
(R$ Million) 2Q09 2Q08 % Variation 1Q09 % Variation
Indicators
Service Level 92.0% 92.8% -0.8 p.p. 90.7% 1.3 p.p.
1
Logistics - E.P.M. 112.0 98.0 14.3% 95.0 17.9%
Logistics - Productivity 79.1 81.0 -2.3% 71.8 10.2%
2
Sales per m of Distribution Center 14.7 15.5 -5.2% 12.7 15.5%
Average Sales per Distribution Center 63.7 67.5 -5.6% 55.1 15.5%
Sale through eletronic orders 59.6% 58.9% 0.7p.p. 56.1% 3.5 p.p.
1 - Errors per million
Service Level
This indicator checks the percentage of units shipped out in relation to the units ordered by our customers and
it is one of the key factors for our customers when selecting a distributor.
The service level in the 2Q09 was of 92.0%, a drop of 0.8 percentage point in relation to the same period of
the previous year and an improvement of 1.3 percentage point in relation to the previous quarter. Such
variations are considered in expected levels and also acceptable by the Company.
Logistics – Errors per Million (E.P.M.)
This indicator measures the numbers of errors made by millions of delivered units. It is of great relevance for
our customers since it lowers the quantity of re-work needed to meet the order, but also in terms of the sales
loss risk for the product not being correctly delivered.
When comparing the 2Q09 with the 2Q08, this indicator showed an increase in the quantity of errors per
million of 14.3%, reaching 112.0 E.P.M. in this quarter in face of 98.0 of the 2Q08, mainly related to the
production adjustments to a higher number of orders taken due to the increase of the medium and small
customer’s participation in the Company’s sales mix. When we compare the 2Q09 with the previous quarter
we can observe an increase of 17.9%, mainly due to the recurring change in the sales profile in one of our
branches, increasing the number of production short break cuts, whose impacts have already been minimized
throughout July.
Logistics – Productivity
This indicator measures the total of units delivered per man/hour worked in the logistic area, (inventory and
shipment) in such a way we can follow up and control its variation reflexes in the total area expenses, being of
great relevance in order to search the best and lowest cost for the company.
The productivity level in the 2Q09 was 79,1, a result 2.3% lower than the one registered in the 2Q08, mainly
due to the changes in the Company’s sales profile. When comparing with the previous quarter, there was an
increase of 10.2%, reaching 79,1 in face of 71,8, mainly related to the sales growth of 15.5% shown in this
quarter.

12. Sales per square meter of warehouse and Average sales per DC
These indicators measure the efficiency and productivity of our distribution centers, having as main objective
the continuous search for low costs structure for the company.
When comparing the 2Q09 with the same period of the previous year, the sales per square meter indicator,
showed a reduction of 5.2%, mainly due to the increase of the installed capacity, represented by several
actions throughout this period: opening of the exclusive Distribution Center for hospitals and vaccines (June
2008), expansion of the Minas Gerais DC (December 2008), moving of the Bahia DC (February, 2009), and
the expansion of the São Paulo DC (March 2009). When comparing the 2Q09 with the 1Q09, this indicator
showed an increase of 15.5%, principally related to the sales growth of 15.5% shown in this quarter.
The average sales per distribution center indicator, showed a decrease of 5.6% in comparison with the same
period of the previous year, mainly due to the opening of the DC exclusively for the hospital and vaccine
segment which occurred in June, 2008. Regarding the previous period we observed an increase of 15.5%,
aligned with the Company sales growth during the same period.
Sales Through Electronic Orders
This indicator measures the sales quota received by electronic orders and aims to improve the quality, and
speed up the order capture process as well as reduce the expenses with telemarketing, for the fact that the
timing with electronic orders is 50% below the one performed by an operator.
This service enables the customer, among other advantages, receive a prompt return of the quantity attended
and a copy of the invoice so that the receiving process of the product be faster and no errors.
The sales volume through electronic order is still evolving, reaching in the 2Q09 59.6% of the total sales,
which represents an increase of 0.7 percentage point, and 3.5 percentage points in comparison with the 2Q08
and 1Q09, respectively. We shall mention that even having increased the small and medium customer’s
participation in the Company’s sales – such reason was responsible for the indicator drop in the previous
quarter – the Company has as objective to increase the sales through the electronic order, and has already
achieved its figures which were shown before these changes in the sales profile.
Capex
In the 2Q09 all investments totaled R$ 2.8 million representing an R$ 0.3 million reduction in relation to the
same period of the previous year and an R$ 0.7 reduction in relation to the previous quarter. Such variation
occurred mainly due to the R$ 0.2 million reduction of IT investments when comparing with the same period of
the previous year. When comparing to the previous quarter the main reduction R$ 0.9 million was related to
machines and equipment.
CAPITAL MARKETS
Share Performance
Profarma’s shares ended the 2Q09 at R$ 10.30 which represents an increase of 121.5% in relation to value
reached in March, 2009, R$ 4.65. It’s important to mention that at the end of July (07/31/2009), the shares
showed a valorization of 31,1%, accumulating through the year a 154,7% performance, above Ibovespa
during the same period, which was of 45,8%. Even with this valorization, the Company’s share value, just like
many other companies in Brazil, is found below its book value, which was of R$ 13.88 on June, 30th, 2009.

13. Profarma Shares - Comparative Performance (PFRM3)
(1) (1)
Ibovespa IGC
Share Price
R$ 4.65 40.925 3.878
03/31/2009
Share Price
R$ 10.30 51.465 4.944
06/30/09
Var. (%) 121.5% 25.8% 27.5%
Note (1): Comparative evolution in Index base points
Profarma vs Ibovespa
195 194
175
155
137
135
115
95
75
55
35
15
29-Dec-08 30-Jan-09 28-Feb-09 31-Mar-09 30-Apr-09 29-May-09 30-Jun-09
Ibovespa Profarma
In 2008, the subprime crisis deepening, provoked an unprecedented financial deleveraging process, allied to
the credit shortening. The impact could be seen in a larger proportion in the small caps companies, due to the
expressive liquidity reduction provoked by the risk aversion increase in the financial markets. A very common
flow in this period was the migration of the investors focused in mid and small caps companies to the large
caps, which in turmoil moments are considered more defensive considering mainly the liquidity. In 2009,
Bovespa´s growth resumption and the return of investors to Companies with lower liquidity, promoted in an
expressive way, Profarma’s liquidity, as shown in the table below.
Daily Average - Shares and Number of Trades
180,000 70
Return to Mid
160,000 and small Caps
60
140,000
50
number of trades
number of trades
numbers of shares
120,000
100,000 40
80,000
Liquidity Reduction 30
60,000 Mid, Small Large
Ações 20
40,000
10
20,000
Negócios
0 0
2-jan-08 2-may-08 2-sep-08 2-jan-09 2-may-09
Source: Economática - The daily average metric used in the graph is the average of the last thirty
trading sessions before each day for the number of shares and for the number of trades, according
to the Bovespa standard.

14. Profarma disclosed to the market on May 22nd, 2009, a new share repurchase program stipulating the
maximum number of 1,570,000 shares to be acquired. On June 30th, 2009, Profarma had already acquired
417,100 shares, representing 26.6% of the total plan. The objective of the Company in this operation is to
search for maximize value generation for the shareholders, having seen its share value in Bovespa.
RELATIONSHIP WITH INDEPENDENT AUDITOR
Following the Instruction CVM nº. 381, of January 14th, 2003, regarding the need of disclosure by the audited
Entities of the information about services by the independent auditor other than external audit, Profarma states
that the Company policies regarding hiring its independent auditors for services not related to external audit
aims at assuring that there are no interests conflicts, loss of independence or objectivity and are based on the
principles that preserve the auditor’s independence.
The work of special review of the quarter ended on June 30st, 2009 has been accomplished by KPMG, which
has not rendered auditing services non related to auditing during this period.

15. NEXT EVENTS
• Conference Call – Results of the 2st Quarter, 2009
Date: Tuesday, August 4th, 2009.
In Portuguese
10h00 a.m. (Brasília time) Telephone: (11) 2188-0188
Replay: (11) 2188-0188
Code: PROFARMA
In English
12:00 p.m. (Brasília time) Telephone: +1 (973) 935-8893
Code: 20269008
Replay: +1 (706) 645-9291
Code: 20269008
Live transmission over the internet: http://www.profarma.com.br/ir

16. Attachment I – Statement of Income* (R$ thousands)
For Quarters ended Jun 30 and Mar 31:
(Thousands of Reais, except share data)
Consolidated
2Q09 % 2Q08 % 1Q09 %
Gross Operating Revenue:
From Sales of Products 764,309 741,200 661,750
764,309 118.2% 741,200 115.3% 661,750 117.5%
Deductions from Gross Operating Revenue:
Taxes and Other Deductions (117,789) (98,430) (98,781)
Net Operating Revenue 646,520 100.0% 642,770 100.0% 562,969 100.0%
Cos t of Goods Sold and Services Rendered (563,591) (579,850) (505,141)
Gross Profit 82,929 12.8% 62,920 9.8% 57,828 10.3%
Operating Revenue (Expenses)
General and Adm inis trative (16,408) (13,127) (11,151)
Selling and Marketing (14,953) (19,453) (16,817)
Logis tics and Dis tribution (18,573) (18,541) (17,967)
Depreciation and Am ortization (1,351) (1,083) (1,300)
Revenue from Services Rendered to Suppliers 3,712 10,519 5,320
Other Operating Revenue (Expens es ) (2,028) 1,306 (266)
(49,601) -7.7% (40,379) -6.3% (42,181) -7.5%
Operating Results prior to Financial Results 33,328 5.2% 22,541 3.5% 15,647 2.8%
Other Revenues / (Expenses) 5 0.0% - 0.0% - 0.0%
5 0.0% - 0.0% - 0.0%
Financial Results
Financial Revenues 813 40 818
Financial Revenues AVP 699 1,644 339
Financial Expens es Banks (5,208) (8,841) (5,491)
Financial Expens es AVP (1,799) (1,266) (2,989)
Other Financial Expens es (3,025) (321) (492)
(8,515) -1.3% (8,744) -1.4% (7,815) -1.4%
Operating Incom e (Loss) 24,813 3.8% 13,797 2.1% 7,832 1.4%
Incom e (Loss) before Taxation 24,813 3.8% 13,797 2.1% 7,832 1.4%
Taxation
Provis ion for Corporate Incom e Tax (5,105) (2,182) (1,034)
Provis ion for Social Contribution (1,938) (832) (399)
Provis ion for Deferred Incom e Tax 155 - 339
(6,888) -1.1% (3,014) -0.5% (1,094) -0.2%
Net Income for the Quarter 17,925 2.8% 10,783 1.7% 6,738 1.2%
Net per Batch of One Thousand Shares (in Reais) 518 297 186
Num ber of Shares at End of Quarter 34,600,000 36,300,000 36,300,000
* According to the new Law nº. 11.638/07

17. Attachment II – Balance Sheet* (R$ thousands)
As of Jun 30 and Mar 31
(Thousands of Reais)
Assets Consolidated Liabilities and Equity Consolidated
30/06/09 30/06/08 31/03/09 30/06/09 30/06/08 31/03/09
Current Assets: Current Liabilities:
Cas h and cas h equivalents 34,586 44,627 71,978 Suppliers 177,762 177,203 159,812
Trade Accounts R eceivable 344,122 404,793 312,110 Loans and Financings 28,285 63,298 79,205
Inventories 291,353 294,449 302,834 Salaries and Payroll Taxes 6,741 6,399 5,830
Taxes Recoverable 138,885 114,716 143,953 Accrued Taxes and Fees 20,920 21,957 20,656
Advances 1,708 1,199 1,171 Dividends and Interes t on Capital Inves ted - - 4,061
Other Accounts Receivable 4,021 4,880 5,251 Other Accounts Payable 911 613 910
814,675 864,664 837,297 234,619 269,470 270,474
Noncurrent Assets Noncurrent Liabilities
Long-Term Assets Long-Term Liabilities:
Accrued Taxes and Fees 18,194 15,323 14,008
Loans and Financings 117,122 144,608 113,520
Provis ion for Contingencies 8,057 8,416 8,536
Depos its in Court 403 358 403 Other Accounts Payable 650 - -
Deferred Incom e Taxes 4,216 4,545 4,061 Deferred Income
Other Accounts Receivable 8,414 7,362 7,553 Tax Incentives - - -
13,033 12,265 12,017 144,023 168,347 136,064
Perm anent Assets: Stockholders' Equity:
Capital Stock 393,578 393,578 393,578
Treas ury Stock (4,025) - (6,441)
Tangible Fixed As s ets 23,663 17,775 22,337 Capital Res erve 41,648 34,124 41,344
Intangible Fixed As s ets 7,658 7,274 7,690 Revenue Res erve 24,523 28,052 37,584
Deffered - - - Retained Earnings 24,663 8,407 6,738
31,321 25,049 30,027 480,387 464,161 472,803
Total Assets 859,029 901,978 879,341 Total Liabilities and Equity 859,029 901,978 879,341
* According to the new Law nº. 11.638/07

18. Attachment III – Cash Flow Statement* (R$ thousands)
Quarters Ended Jun 30 and Mar 31:
(Thousands of Reais)
Consolidated
2Q09 2Q08 1Q09
Operating Activities
Net Income for Quarter 17,925 10,783 6,738
Net Income 17,925 10,783 6,738
Reconciliation of Net Income to Net Cash
Depreciation and Amortization 1,351 1,083 1,280
Adjustments Law 11.638/07 (90) (86) (1,164)
Provion for Contingencies 44 70 79
Accrued Interest on Loans (938) 4,120 4,054
Deferred Income Taxes (155) - (339)
INSS Additional Provision 5,594 - -
Other 1,083 754 760
24,814 16,724 11,408
(Increase) Decrease in Operating Assets
Trade Note Receivable (33,187) (11,559) 51,522
Inventories 11,480 (285) 8,326
Taxes Recoverable 5,068 (17,241) 3,480
Other Sundry Items (168) 645 1,148
(16,807) (28,440) 64,476
Increase (Decrease) in Operating Liabilities
Suppliers (Trade Accounts Payable) 18,422 (4,211) (25,265)
Salaries and Payroll Taxes 911 1,021 513
Taxes Recoverable (1,144) (8,918) (14,386)
Other Sundry Items 148 (136) (149)
18,337 (12,244) (39,287)
Cash Used in Operating Activities 26,344 (23,960) 36,597
Investing Activities
Additions to Fixed / Deferred Assets (2,765) (3,092) (3,368)
Write of Fixed Assets 101 - 34
Cash (Used in) / Generated Provided by Investing Activities (2,664) (3,092) (3,334)
Financing Activities
Dividends Paid (4,061) (7,279) -
Treasury stock (10,646) - (1,675)
Loans and Financings (46,365) 45,812 (4,524)
Cash (Used in) / Provided by Financing Activities (61,072) 38,533 (6,199)
Increase / (Decrease) in Cash (37,392) 11,481 27,064
Cash and Cash Equivalents in Quarter
Cash and Cash Equivalents at End of Quarter 34,586 44,627 71,978
Cash and Cash Equivalents at Beginning of Quarter 71,978 33,146 44,914
(37,392) 11,481 27,064
* According to the new Law nº. 11.638/07

19. Attachment IV – Law nº. 11.638/07 and MP nº. 449/08: Understanding the impact on Profarma
In the 2008 financial statements of Profarma, the company adopted for the first time the alterations in the
Brazilian Corporate Legislations introduced by the law nº. 11.638 of December 2007, with the changes
introduced by the provisional measure nº. 449, of 03/12/2008.
Not only the law nº.11.638/07 but also the MP nº. 449 changed the law nº. 6404/76 relatively to the
elaboration and disclosure of the financial statements.
The changes introduced were standardized by technical pronouncements of the Accounting Pronouncement
Committee (CPC’s) and fully adopted by the Brazilian Securities Commission (CVM). Such pronouncements
sought to give a definite understanding of how these changes would be applied in accounting.
As provided by law nº. 11.638/07, the company opted to adopt as the transition date, 01 of January, 2007.
This way all the adjustments with impacts in income statement prior to this year were directly accounted in
shareholders equity, according to the technical pronouncement CPC nº. 13.
It is important to state that the adjustments referred to years before 2007, which were directly accounted in
shareholders equity, don’t have retroactive effects over the financial statements of those years.
On the other hand, the adjustments related to the changes introduced for the years 2007 and 2008 are
already incorporated in the figures published, producing all the effects, respecting all the definitions issued by
the technical pronouncements (CPCs).
In the end of 2008, the Accounting Pronouncement Committee had already issued 15CPCs, which in a certain
way resume the main changes introduced by the new law nº. 11.638/07 and by the MP nº. 449/08.
Regarding Profarma, adjustments had to be made for 7 CPCs, and down under we describe the most
important ones, for a better understanding of the changes which occurred in 2007 and 2008 regarding the
income statements of 2007 and 2008, that will be reflected in the financial statements of subsequent years.
- Governmental Grants (CPC nº. 07):
VAT Fiscal Benefit According to the CPC no. 07, which concerns grants and governmental subsidies, the VAT
Tax benefit that wasn’t previously recognized in the income statement (being booked directly to shareholders’
equity), starts to be recognized in it, as of the initial adopted date of the new law, 01/01/2007, in Profarma’s
case.
According to CPC no 07, this change is not applicable in the year 2006, due to the initial date adopted by the
company, 01/01/2007.
With regard to the treatment related to income taxes and to dividends basis the CPC no. 07 defines that the
procedures held before will continue valid, in other words, this VAT Tax benefit is not taxable regarding
income taxes and will not be included in the dividends basis.
- Adjusts to Present Value (CPC nº. 12):
According to the new law no. 11638/07 and following the technical pronouncement CPC nº. 12, certain
accounts receivable (customers) and payable (suppliers) of long-term will be adjusted to its present value
based on specific interest rates.

20. For Profarma the adjustments of present value of the long term accounts receivable are calculated for trade
notes with terms higher than the sales average term of each quarter, using as interest rate the average cost of
Profarma’s debt at the end of same period.
Likewise, the present value adjustments of the long term accounts payable are calculated for trade notes with
terms higher than the purchase average term of each quarter, using as the interest rate, the average cost of
Profarma’s debt at the end of the same period.
The effects of such adjustments are reflected in Profarma’s income statements this way:
• Accounts Receivable (customers): the contra entry of adjustments to present value of accounts
receivable is in the gross revenue (reduction of gross revenues). The adjustments in the accounts
receivable are treated as financial income and will be appropriated to the result (in the account
financial revenue / AVP) as the notes are being paid off.
• Accounts payable (suppliers): the contra entry of adjustments to present value of accounts payable is
part in the cost of goods sold (reduction of CGS) and part in inventory (reduction of inventory). The
adjustments of accounts payable are considered as financial expenses and will be appropriated to the
result (in the account financial expenses / AVP) as these notes are being paid off.
- Compensation Plan based on Sttocks (CPC nº. 14):
The benefit granted to administrators and employees related to compensation plans based on stocks, will be
recorded as operating expense. When calculating the fair value of the benefit, the Black & Scholes binomial
method was used, with the effects being appropriated according to the maturity date of each vesting period of
the plan.
- Other CPCs – nº. 04, nº. 06, nº. 10 and nº. 13:
Regarding the other CPCs applicable to Profarma (nº. 4 – Intangible Assets, nº. 06 – Commercial Leasing
and nº. 10 – Financial Instruments and nº. 13 – Initial Adoption of Law nº. 11638/07), the impacts in the years
of 2008 and 2009 were smaller when compared to the others and their effects can be found in Notes.

21. About the Company: Profarma Distribuidora de Produtos Farmacêuticos S.A. has been active for 48 years in
distributing pharmaceutical, personal care and cosmetic products in the most populous Brazilian states. With
12 distribution centers, being one of them exclusively for the hospital and vaccine segment, Profarma
commercializes approximately 18.0 million units per month and serves 30,870 sales outlets, thus consolidating
its position as one of the industry leaders in Brazil. Covering a geographic area that represents 91.0% of the
consumer market for pharmaceutical products in Brazil, Profarma boasts a specialized and committed team
that constantly strives to become the biggest and most profitable wholesale distributor of pharmaceutical
products in the nation by means of consistent and sustainable results, keeping operating costs down,
strengthening its competitive advantages and maximizing value for our stockholders.
We make statements about future events that are subject to risks and uncertainties. Such statements are based on the beliefs and suppositions of
our Management and information to which the Company currently has access. Statements about future events include information regarding our
present intentions, beliefs or expectations, as well as those of the members of the Company’s Board of Directors and Executive Officers Committee.
The qualifications in relation to statements and information about the future also include information regarding potential or presumed operating
results, as well as statements that are preceded or followed by or include the words "believe", "may", "will", "continue", "expect", "forecast",
"intend", "plan", "estimate" or similar expressions. The statements and information regarding the future are not guarantees of performance. The
involve risks, uncertainties and suppositions because they refer to future events, thus depending on circumstances that may or may not occur.
Future results and creation of value for stockholders may differ to a material degree from those expressed or suggested by statements in relation to
the future. Many of the factors that determine such results and amounts are beyond Profarma’s ability to control or predict matters.